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Pebblebrook Hotel Trust Completes Sale of Villa Florence San Francisco on Union Square

Pebblebrook Hotel Trust Completes Sale of Villa Florence San Francisco on Union Square

BETHESDA, Md.–(BUSINESS WIRE)–
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 189-room Villa Florence San Francisco on Union Square in San Francisco, CA for $87.5 million to a third party.

Based on the hotel’s operating performance for 2019, the $87.5 million reflects a 12.4x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues). The EBITDA multiple and net operating income capitalization rate are adjusted for the annualized impact of current retail rental income and a one-time retail lease termination fee.

Proceeds from the sale of Villa Florence San Francisco on Union Square will be used for general corporate purposes and acquiring hotel properties in accordance with the Company’s investment strategy.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 51 hotels, totaling approximately 12,600 guest rooms across 14 urban and resort markets with a focus on the west coast gateway cities. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

For additional information or to receive press releases via email, please visit our website at www.pebblebrookhotels.com

Pebblebrook Hotel Trust
Villa Florence San Francisco on Union Square
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
Trailing Twelve Months
(Unaudited, in millions)
 

Twelve months ended

December 31,

2019
 
Hotel net income

$3.1

 

 
Adjustment:
Depreciation and amortization

3.9

 

 
Hotel EBITDA

$7.0

 

 
Adjustment:
Capital reserve

(0.7

)

 
Hotel Net Operating Income

$6.3

 

 
 
 
This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the hotel’s results of operations determined in accordance with GAAP.

The Company has presented trailing twelve-month hotel EBITDA and trailing twelve-month hotel net operating income after capital reserves and an estimated adjustment for the annualized impact of current retail rental income and a one-time termination fee because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do not represent amounts available for management’s discretionary use, because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.

The Company’s presentation of the hotel’s trailing twelve-month EBITDA and trailing twelve-month net operating income after capital reserves should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s trailing twelve-month EBITDA and net operating income after capital reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding.

Pebblebrook Hotel Trust

Historical Operating Data

($ in millions, except ADR and RevPAR)

(Unaudited)
 
 
Historical Operating Data:

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

 

Full Year

2019

 

2019

 

2019

 

2019

 

2019

 

 

 

 

 

 

 

 

 

Occupancy

75%

 

87%

 

87%

 

78%

 

82%
ADR

$249

 

$270

 

$264

 

$246

 

$258
RevPAR

$186

 

$234

 

$230

 

$193

 

$211

 

 

 

 

 

 

 

 

 

Hotel Revenues

$313.9

 

$391.1

 

$384.1

 

$339.1

 

$1,428.3
Hotel EBITDA

$83.1

 

$140.9

 

$132.1

 

$97.0

 

$453.1
Hotel EBITDA Margin

26.5%

 

36.0%

 

34.4%

 

28.6%

 

31.7%

 

 

 

 

 

 

 

 

 

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

 

Full Year

2020

 

2020

 

2020

 

2020

 

2020

 

 

 

 

 

 

 

 

 

Occupancy

56%

 

4%

 

21%

 

22%

 

26%
ADR

$248

 

$265

 

$218

 

$197

 

$231
RevPAR

$138

 

$11

 

$47

 

$43

 

$60

 

 

 

 

 

 

 

 

 

Hotel Revenues

$241.0

 

$24.2

 

$81.9

 

$78.3

 

$425.4
Hotel EBITDA

$36.6

 

($38.2)

 

($15.2)

 

($16.3)

 

($33.2)
Hotel EBITDA Margin

15.2%

 

(157.8%)

 

(18.6%)

 

(20.8%)

 

(7.8%)

 

 

 

 

 

 

 

 

 

First Quarter

 

Second Quarter

 

 

 

 

 

 

2021

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy

20%

 

39%

 

 

 

 

 

 

ADR

$239

 

$249

 

 

 

 

 

 

RevPAR

$49

 

$98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel Revenues

$87.1

 

$171.4

 

 

 

 

 

 

Hotel EBITDA

($13.3)

 

$31.3

 

 

 

 

 

 

Hotel EBITDA Margin

(15.3%)

 

18.3%

 

 

 

 

 

 

 
These historical hotel operating results include information for all of the hotels the Company owned as of September 9, 2021, following the sale of Villa Florence San Francisco on Union Square. These historical operating results include periods prior to the Company’s ownership of the hotels. The information above does not reflect the Company’s corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding.

The information above has not been audited and has been presented only for comparison purposes.

 

Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust – (240) 507-1330

KEYWORDS: United States North America California Maryland

INDUSTRY KEYWORDS: Professional Services Commercial Building & Real Estate Lodging Finance Construction & Property Travel REIT

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Clarivate Announces Secondary Ordinary Share Offering

PR Newswire

LONDON, Sept. 9, 2021 /PRNewswire/ — Clarivate Plc (NYSE: CLVT) (the “Company” or “Clarivate”) announced today that affiliated funds of Onex Corporation (“Onex”) (TSX: ONEX) and Baring Private Equity Asia Group Ltd (“BPEA”) (together, the “Selling Shareholders”) intend to offer an aggregate of 25,000,000 ordinary shares of the Company in an underwritten public offering, subject to market conditions. In addition, the Selling Shareholders intend to grant the underwriters a 30 day option to purchase up to an additional 3,750,000 ordinary shares. The Selling Shareholders will receive all of the net proceeds from the sale of these shares.

Citigroup and Barclays are acting as the joint book-running managers for the proposed offering and propose to offer the ordinary shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or negotiated prices, subject to their right to reject any order in whole or in part.

The offering will be made pursuant to an effective shelf registration statement, prospectus and prospectus supplement filed by the Company. Before you invest in the offering, you should read the prospectus supplement and accompanying prospectus, the registration statement and the other documents that Clarivate has filed with the Securities and Exchange Commission as incorporated by reference therein, for more complete information about Clarivate and the offering. Investors may obtain these documents for free by visiting the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800-831-9146 and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by emailing [email protected] or calling 888-603-5847.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Clarivate

Clarivate™ is a global leader in providing solutions to accelerate the lifecycle of innovation. Our bold mission is to help customers solve some of the world’s most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of science and intellectual property. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise.

Forward-Looking Statements

This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Examples of forward-looking statements include, among others, statements we make regarding: our pending acquisition of ProQuest; guidance outlook and predictions relating to expected operating results, such as revenue growth and earnings; strategic actions such as acquisitions, joint ventures, and dispositions, including the anticipated benefits therefrom, and our success in integrating acquired businesses; anticipated levels of capital expenditures in future periods; our ability to successfully realize cost savings initiatives and transition services expenses; our belief that we have sufficiently liquidity to fund our ongoing business operations; expectations of the effect on our financial condition of claims, litigation, environmental costs, the COVID-19 pandemic and governmental responses thereto, contingent liabilities, and governmental and regulatory investigations and proceedings; and our strategy for customer retention, growth, product development, market position, financial results, and reserves. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, as amended, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also impair our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC.

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SOURCE Clarivate Plc

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Medifast, Inc. Announces Quarterly Dividend

PR Newswire

BALTIMORE, Sept. 9, 2021 /PRNewswire/ — Medifast, Inc. (NYSE: MED), the global company behind one of the fastest-growing health and wellness communities, OPTAVIA®, announced today that its Board of Directors has declared a $1.42 quarterly cash dividend to its stockholders. The quarterly cash dividend of $1.42 per share is payable on November 8, 2021 to stockholders of record as of the close of business on September 21, 2021.

Medifast expects to maintain a program of paying dividends on a quarterly basis. However, the declaration of dividends in the future is subject to the discretion of the company’s Board of Directors, who will evaluate the company’s dividend program from time to time based on factors that it deems relevant.

About Medifast®:

Medifast (NYSE: MED) is the global company behind one of the fastest-growing health and wellness communities, OPTAVIA®, which offers scientifically developed products, clinically proven plans and the support of Coaches and a Community to help Clients achieve Lifelong Transformation, One Healthy Habit at a Time®. Based on more than 40 years of experience, Medifast has redefined direct selling by combining the best aspects of the model. Its community of independent OPTAVIA Coaches has impacted 2 million lives and teaches Clients how to develop holistic healthy habits through the proprietary Habits of Health® Transformational System. Medifast is traded on the New York Stock Exchange and ranked second on FORTUNE’s 100 Fastest-Growing Companies list in 2020. The company was also named to Forbes’ 100 Most Trustworthy Companies in America list in 2017. For more information, visit MedifastInc.com or OPTAVIA.com and follow @Medifast on Twitter.

Forward Looking Statements

Please Note: This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future dividends. Similarly, descriptions of Medifast’s objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. These statements are based on the current expectations of the management of Medifast and are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, risks associated with Medifast’s direct-to-consumer business model, the impact of rapid growth on Medifast’s systems, disruptions in Medifast’s supply chain, Medifast’s inability to continue to develop new services and products, effectiveness of Medifast’s advertising and marketing programs, including use of social media by independent OPTAVIA Coaches, Medifast’s inability to maintain and grow the network of independent OPTAVIA Coaches, the departure of one or more key personnel, Medifast’s inability to protect against online security risks, to protect its brand, to protect against product liability claims, Medifast’s planned growth into domestic and international markets, adverse publicity associated with Medifast’s products or business units, Medifast’s inability to continue declaring dividends, fluctuations of Medifast’s common stock market price,  the impact of the COVID-19 pandemic on Medifast’s results, the severity, length and ultimate impact of COVID-19 on people and economies, increases in competition, litigation, consequences of other geopolitical events, natural disasters, acts of war, or climate change, activist investors, regulatory changes, market conditions and resulting impact on consumer spending, a failure of internal control over financial reporting and any limitations imposed by Medifast’s debt agreements. Although Medifast believes that the expectations, statements, and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.

MED-F

 

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SOURCE Medifast, Inc.

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Ovintiv Announces Increasing Shareholder Returns with New Capital Allocation Framework

PR Newswire

DENVER, Sept. 9, 2021 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced a new capital allocation framework, which supports the Company’s goal of unlocking shareholder value by delivering on its strategic priorities of financial strength, increasing cash returns to shareholders, generating superior returns on capital investment, and driving ESG progress.

“We are committed to unlocking shareholder value by delivering on our strategic priorities,” said Ovintiv President and CEO, Brendan McCracken. “We are at the forefront of driving innovation to produce oil and gas from shale both profitably and sustainably.  We will generate superior returns and free cash flow by continuously improving capital efficiency and expanding margins while driving down emissions. We will deliver that value to our shareholders through disciplined capital allocation. Over the next 10 years, our business is set to generate about $15 billion of free cash flow(1) at $55 per barrel WTI flat oil pricing and would generate about $21 billion at $65 per barrel. Our capital allocation framework sets out our commitment to financial strength, generating superior returns on the capital we invest, returning cash to our shareholders, and driving ESG progress.” 

As previously announced, Mr. McCracken will be presenting at the Barclays CEO Energy-Power Conference on Friday, September 10, 2021, starting at 10:20 a.m. ET. The live webcast and replay will be available on Ovintiv’s website. An updated corporate presentation has been posted to the Company’s website at: https://www.ovintiv.com/investors/presentations-events/

Key highlights of the capital allocation framework include:

Increasing Cash Returns to Shareholders
Beginning in the fourth quarter of 2021, and until Ovintiv reaches its $3 billion net debt(2) target, the company plans to return 25% of the previous quarter’s free cash flow after base dividends to its shareholders through share buybacks and/or variable dividends. The remaining 75% will primarily be allocated to net debt reduction, with a modest amount allocated to small, low-cost property bolt-ons.

In 2022, using commodity price assumptions of $60 per bbl for WTI oil and $3.00 per Mcf for NYMEX natural gas, the Company anticipates that it will deliver approximately $550 million of direct shareholder returns through its $150 million base dividend and an additional $400 million in share buybacks or variable dividends. This cash return would represent a cash yield of more than seven percent.

Once the Company reaches its net debt target of $3 billion, it plans to increase quarterly shareholder returns to at least 50% of the previous quarter’s free cash flow after base dividends.

Maintaining Reinvestment Rate of Less Than 75%
Ovintiv reaffirmed its long-term commitment to reinvest less than 75% of non-GAAP cash flow at mid-cycle prices. In 2021, the Company’s expected capital investment of $1.5 billion represents a cash flow reinvestment rate of less than 50%.

Sustainable Base Dividend
Providing shareholders with a sustainable base dividend which grows over time is a key focus for the Company. In July of 2021, Ovintiv increased its quarterly dividend payment by approximately 50% to $0.14 per share, payable on September 30, 2021, to common stockholders of record as of September 15, 2021. This was the second time the dividend was increased since 2019.

Continued Focus on Net Debt Reduction
Ovintiv remains committed to reducing net debt. By year-end 2021, the Company expects net debt to be below $4.5 billion, marking approximately $3 billion of net debt reduction since the second quarter of 2020.

The Company previously set a net debt target of $3 billion, which it expects to achieve by or before year-end 2023, assuming $50 per bbl WTI oil and $2.75 per Mcf NYMEX natural gas prices.

Highly Repeatable Capital Program

With more than a decade of premium drilling inventory in each of its core three assets – the Permian, Anadarko and Montney – Ovintiv is well positioned to continue delivering industry-leading capital efficiencies for many years to come.

The Company views the capital efficiency of its 2021 program as being highly repeatable and it is committed to not grow production into an oversupplied market.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains certain forward-looking statements or information (collectively, “FLS”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. FLS include: anticipated cost savings, capital efficiency and sustainability thereof; operational flexibility and benefits of the Company’s multi-basin portfolio; anticipated success of and benefits from technology and innovation; expected activity and investment levels; ability to meet targets, including with respect to capital efficiency, cash flow generation, debt reduction, scale and emissions-related performance, increasing cash returns to shareholders, generating superior returns on capital investment, and the timing thereof; timing of projections and expectation of meeting the targets contained in the Company’s corporate guidance and net debt target; the Company’s plans to return free cash flow to its shareholders through dividends and/or share buybacks; statements regarding potential shareholder returns; and the size of the Company’s drilling inventory. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: future commodity prices and differentials; assumptions contained herein; data contained in key modeling statistics; availability of attractive hedges and enforceability of risk management program; assumed tax, royalty and regulatory regimes; and expectations and projections made in light of the Company’s historical experience. Risks and uncertainties include: suspension of or changes to guidance, and associated impact to production; ability to generate sufficient cash flow to meet obligations and to reduce debt; commodity price volatility and impact to the Company’s stock price and cash flows; ability to secure adequate transportation and potential curtailments of refinery operations, including resulting storage constraints or widening price differentials; discretion to declare and pay dividends, if any; ability to repurchase the Company’s outstanding common shares, including obtaining any necessary stock exchange approvals therefor; the existence of alternative uses for the Company’s cash resources which may be superior to payment of dividends or effecting repurchases of outstanding common shares; business interruption, property and casualty losses or unexpected technical difficulties; impact of COVID-19 to the Company’s operations, including maintaining ordinary staffing levels, securing operational inputs, executing on portions of its business and cyber-security risks associated with remote work; counterparty and credit risk; impact of changes in credit rating and access to liquidity, including costs thereof; risks in marketing operations; risks associated with technology; risks associated with lawsuits and regulatory actions, including disputes with partners; ability to acquire or find additional reserves; imprecision of reserves estimates and estimates of recoverable quantities; and other risks and uncertainties as described in the Company’s Annual Report on Form 10- K, Quarterly Report on Form 10-Q and as described from time to time in its other periodic filings as filed on EDGAR and SEDAR. Although the Company believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, the Company undertakes no obligation to update or revise any FLS.

About Ovintiv Inc.

Ovintiv is one of the largest producers of oil, condensate and natural gas in North America. Further information on Ovintiv Inc. is available on the Company’s website, www.ovintiv.com, or by contacting:



Investor contact:


(888) 525-0304 



Media contact:


(403) 645-2252

 

____________________________________

1.

Free cash flow is a non-GAAP measure Ovintiv defines as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures. Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and current tax on sale of assets. Due to the forward-looking nature of projected free cash flow used herein, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as changes in operating assets and liabilities. Accordingly, Ovintiv is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant. 

2.

Net debt is a non-GAAP measure Ovintiv defines as long-term debt, including the current portion, less cash and cash equivalents.

 

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SOURCE Ovintiv Inc.

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Portage Fintech Acquisition Corporation Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing September 10, 2021

PR Newswire

NEW YORK, Sept. 9, 2021 /PRNewswire/ – Portage Fintech Acquisition Corporation (Nasdaq: PFTAU) (the “Company”) today announced that, commencing September 10, 2021, holders of the units sold in the Company’s initial public offering of 25,911,379 units (including 1,911,379 units sold in connection with the partial exercise of the underwriter’s over-allotment option) may elect to separately trade the Class A ordinary shares and warrants included in the units. Those units not separated will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “PFTAU,” and the Class A ordinary shares and warrants that are separated will trade on Nasdaq under the symbols “PFTA” and “PFTAW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of the units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.

The units were initially offered by the Company in an underwritten offering with Goldman Sachs & Co. LLC, BTIG, LLC, and Scotia Capital (USA) Inc. acting as joint book-running managers for the offering with SoFi Securities, LLC serving as co-manager. A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (the “SEC”) on July 20, 2021.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made in the United States only by means of a prospectus, copies of which may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by telephone at (866) 471-2526, or by email at [email protected] and BTIG, LLC, 65 East 55th Street, New York, NY, 10022, by email at [email protected]. Copies of the prospectus may also be obtained for free by visiting EDGAR on the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov.

Forward-Looking Statements

This press release includes “forward-looking statements”, including with respect to the anticipated separation of the units into Class A ordinary shares and warrants. No assurance can be given that the units will be separated as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.


About Portage Fintech Acquisition Corporation

Portage Fintech Acquisition Corporation (the “Company”) is a newly organized blank check company sponsored by PFTA I LP. The Company’s sponsor is affiliated with Portage Ventures (“Portage”), a global FinTech-focused venture capital platform. Portage is an affiliate of a multi-strategy alternative asset manager, Sagard Holdings Inc. (“Sagard”), with professionals located in Canada, the US, Europe, and Asia.

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SOURCE Portage Fintech Acquisition Corporation

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RLJ Lodging Trust Announces Pricing of Senior Secured Notes Offering

RLJ Lodging Trust Announces Pricing of Senior Secured Notes Offering

BETHESDA, Md.–(BUSINESS WIRE)–
RLJ Lodging Trust (the “Company”) (NYSE: RLJ) announced today that its operating partnership, RLJ Lodging Trust, L.P. (the “Operating Partnership”), priced its offering of $500 million aggregate principal amount of 4.000% senior secured notes due 2029 (the “Notes”) at a price equal to 100.000% of face value. The Notes will pay interest semi-annually in arrears, at a rate of 4.000% per year, and will mature on September 15, 2029. The Notes will be guaranteed by the Company and certain subsidiaries of the Operating Partnership that guarantee the Company’s senior credit facilities. The Notes will be secured, subject to permitted liens, by a first priority security interest in all of the equity interests owned by the Operating Partnership and certain subsidiaries of the Operating Partnership, which collateral also secures the obligations under the Company’s existing credit agreements on a first priority basis.

The Company intends to use the net proceeds of the offering to redeem all of the outstanding 6.000% senior notes due 2025 of its subsidiary, FelCor Lodging Limited Partnership, as well as pay any redemption premium, unpaid interest, costs and expenses related thereto. The Operating Partnership anticipates that consummation of the offering will occur on September 13, 2021, subject to customary closing conditions.

The Notes and the related guarantees have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. The Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act, and it is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, measures being taken in response to the COVID-19 pandemic, and the impact of the COVID-19 pandemic on our business, and the assumptions upon which those statements are based, that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,” “intend,” “should,” or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and the Company’s actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic uncertainty and a worsening of global economic conditions or low levels of economic growth; the duration and scope of the COVID-19 pandemic and its impact on the demand for travel and on levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting or banning travel; the impact of the pandemic on global and regional economies, travel, and economic activity; the speed and effectiveness of vaccine and treatment developments and their deployment, including public adoption rates of COVID-19 vaccines and their effectiveness against emerging variants of COVID-19, such as the Delta variant; the pace of recovery when the COVID-19 pandemic subsides; the effects of steps we and our third party management partners take to reduce operating costs; increased direct competition, changes in government regulations or accounting rules; changes in local, national and global real estate conditions; declines in the lodging industry, including as a result of the COVID-19 pandemic; seasonality of the lodging industry; risks related to natural disasters, such as earthquakes and hurricanes; hostilities, including future terrorist attacks or fear of hostilities that affect travel and epidemics and/or pandemics, including COVID-19; the Company’s ability to obtain lines of credit or permanent financing on satisfactory terms; changes in interest rates; access to capital through offerings of the Company’s common and preferred shares of beneficial interest, or debt; the Company’s ability to identify suitable acquisitions; the Company’s ability to close on identified acquisitions and integrate those businesses; and inaccuracies of the Company’s accounting estimates. Moreover, investors are cautioned to interpret many of the risks identified under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. Given these uncertainties, undue reliance should not be placed on such statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

For additional information or to receive press releases via email, please visit our website: http://www.rljlodgingtrust.com

Sean M. Mahoney, Executive Vice President and Chief Financial Officer – (301) 280-7774

KEYWORDS: United States North America Maryland

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries

AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb+” (Fair) of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). The outlook of the FSR is stable. Concurrently, AM Best has affirmed the FSR of C++ (Marginal) and the Long-Term ICRs of “b” (Marginal) of Genworth Life Insurance Company (GLIC) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). Additionally, AM Best has affirmed the Long-Term ICRs of “b” (Marginal) of Genworth Financial, Inc. (Genworth) [NYSE: GNW] and Genworth Holdings, Inc. (both domiciled in Delaware), as well as their Long-Term Issue Credit Ratings (Long-Term IR). The outlook of these Credit Ratings (ratings) is stable.

The ratings of GLAIC reflect its balance sheet strength, which AM Best assesses as adequate, as well as its weak operating performance, limited business profile and appropriate enterprise risk management (ERM).

The ratings of GLAIC also reflect its adequate balance sheet strength, including the level and quality of capital, and the quality of its asset portfolio. The revision of the Long-Term ICR outlook to negative reflects pressure on the company’s risk-adjusted capitalization in recent years, as well as increased losses over this period. Absolute and risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), decreased in 2020, mainly driven by revised interest rate assumptions within the universal life with secondary guarantee block. Results for 2020 were negative with a $182 million statutory loss driven by changes in reserves in the universal life with secondary guarantee block as well as higher mortality due to the COVID-19 pandemic. GLAIC calculated its risk-based capital (RBC) level at 424% at the end of 2020; it has been in the 400% – 450% range for the past four years.

The ratings of GLIC and GLICNY reflect the group’s balance sheet strength, which AM Best categorizes as weak, as well as its weak operating performance, limited business profile and appropriate ERM.

The ratings of GLIC and GLICNY reflect AM Best’s view of their balance sheet strength and operating performance. Risk-adjusted capitalization, as measured by BCAR and other capital metrics, is low, in line with 2019. A strong offsetting factor is management’s focused strategy of garnering actuarially supported premium rate increases on in-force, long-term care policies. Management identified the need for these increases several years ago, took corrective action and has achieved meaningful results. GNW has demonstrated success at achieving premium rate increases in the past. The impact and timing of the approval and receipt of those rate increases remain uncertain. GLIC calculated its RBC level at 229% at the end of 2020, an increase from the prior-year RBC score of 213%, while GLICNY’s RBC deteriorated to 200% from 291% in 2019.

The rating affirmations of the two holding companies, Genworth and Genworth Holdings, Inc., as well as their associated debt, reflect the ongoing challenges the operating companies face, their debt obligations and secured promissory note to settle a recent dispute. Genworth has shown financial flexibility navigating through those complications, including the sale of Genworth’s stake in Genworth MI Canada, Inc. in 2019 and a potential 19.9% initial public offering of Enact, the U.S. mortgage insurance business. More recently, the company sold its interest in Genworth Mortgage Insurance Australia Limited for total proceeds of $370 million. This has alleviated pressure on a September 2021 maturity that was retired in early July, as well as AXA liabilities. Earlier this year, the company announced the termination of the merger agreement with China Oceanwide Holdings Group Co. Ltd.

The following Long-Term IRs have been affirmed with a stable outlook:

Genworth Holdings, Inc. (guaranteed by Genworth Financial, Inc.)—

— “b” (Marginal) on $750 million 7.625% senior unsecured notes, due 2021

— “b” (Marginal) on $400 million 4.9% senior unsecured notes, due 2023

— “b” (Marginal) on $400 million 4.8% senior unsecured notes, due 2024

— “b” (Marginal) on $300 million 6.50% senior unsecured notes, due 2034

— “ccc+” (Weak) on $600 million fixed/floating rate junior subordinated notes, due 2066

The following indicative Long-Term IRs on securities available under the universal shelf registration have been affirmed with a stable outlook:

Genworth Financial, Inc.—

—“b” (Marginal) on senior unsecured debt

—“b-” (Marginal) on subordinated debt

—“ccc+” (Weak) on preferred stock

Genworth Holdings, Inc.—

— “b” (Marginal) on senior unsecured debt

— “b-” (Marginal) on subordinated debt

— “ccc+” (Weak) on preferred stock

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Bruno Caron

Associate Director

+1 908 439 2200, ext. 5144

[email protected]

Michael Porcelli

Director

+1 908 439 2200, ext. 5548

[email protected]

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

[email protected]

KEYWORDS: Europe United States North America New Jersey

INDUSTRY KEYWORDS: Insurance Professional Services

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Insight Select Income Fund Declares Quarterly Dividend

Insight Select Income Fund Declares Quarterly Dividend

NEW YORK–(BUSINESS WIRE)–Dividend Declaration

The Insight Select Income Fund (INSI) (the “Fund”) today declared a quarterly dividend of $0.20 on September 9, 2021. The total distribution of $0.20 will be payable on October 27, 2021, to shareholders of record at the close of business on October 13, 2021, with an ex-dividend date of October 12, 2021.

The Fund’s last four quarterly dividend payments from ordinary income equates to approximately $0.80 per share.

The Fund is a diversified closed-end management investment company whose investment objective is to seek a high rate of return, primarily from interest income and trading activity, from a portfolio principally consisting of debt securities. The Fund will also seek capital appreciation principally by purchasing debt securities at prices that the Adviser believes are below their intrinsic value. The Fund will also look to benefit from trading securities to optimize the risk adjusted yields in the Fund. Insight North America LLC, the Fund’s investment adviser, provides fixed income asset management to a variety of institutional clients including corporations, governmental entities, employee benefit plans, private funds and registered investment companies.

This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund’s distribution that have been declared by the Board of Trustees. A portion of the Fund’s current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund. As required under the Investment Company Act of 1940, as amended, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if it does not consist solely of net investment income. The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund’s investment objectives, risks, charges and expenses carefully before investing.

Vested

Eric Hazard

917-765-8720

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Sands China Announces Pricing of $1.95 Billion of Senior Unsecured Notes

PR Newswire

LAS VEGAS, Sept. 9, 2021 /PRNewswire/ — Las Vegas Sands Corp. (NYSE: LVS) today announced that its majority-owned subsidiary, Sands China Ltd. (“Sands China”), has priced $700 million of 2.300% senior notes due 2027, $650 million of 2.850% senior notes due 2029 and $600 million of 3.250% senior notes due 2031. The offering is expected to close on September 23, 2021, subject to customary closing conditions.

Sands China intends to use the net proceeds of approximately $1.93 billion from the offering and cash on hand to redeem in full the outstanding principal amount of its US$1.80 billion 4.600% senior notes due 2023, any accrued interest and the associated make-whole premium as determined under the related senior notes indenture dated as of August 9, 2018.

The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction, and are being offered and sold only to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Hong Kong Listing Rules”) that are qualified institutional buyers (in reliance on Rule 144A under the Securities Act) and/or non-U.S. Persons outside the United States (in reliance on Regulation S under the Securities Act)). None of the notes are being offered or sold to the public in Hong Kong and none of the notes will be placed to any connected person (as defined in the Hong Kong Listing Rules) of Sands China.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Sands China proposes to seek a listing of the notes on the Hong Kong Stock Exchange and has received an eligibility letter from the Hong Kong Stock Exchange for the listing of the notes. Admission of the notes to the Hong Kong Stock Exchange and quotation of any notes on the Hong Kong Stock Exchange is not to be taken as an indication of the merits of Sands China or the notes.

About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas Sands is the world’s preeminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.

Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.

Our properties include The Venetian Resort and Sands Expo in Las Vegas, and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

About Sands China

Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company’s integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company’s portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at the Cotai Arena, The Venetian Theatre, The Parisian Theatre, the Londoner Theatre and the Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company’s Cotai Strip portfolio has the goal of contributing to Macao’s transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).

For more information, please visit www.sandschina.com.

Contacts:

Investment Community:
Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607

Cautionary Note Regarding Forward-looking Statements

This press release contains forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, current market demand for these types of securities and the securities of Sands China, Sands China’s ability to consummate the offering in the currently anticipated timeframe or at all, and the negotiations between Sands China and the initial purchasers. Forward-looking statements in this press release are based on information available to Sands China and Las Vegas Sands at this time and each of Sands China and Las Vegas Sands assumes no obligation to update such information.

 

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SOURCE Las Vegas Sands Corp.

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Amgen to Present at the 19th Annual Morgan Stanley Global Healthcare Conference

PR Newswire

THOUSAND OAKS, Calif., Sept. 9, 2021 /PRNewswire/ — Amgen (NASDAQ:AMGN) will present at Morgan Stanley’s 19th Annual Global Healthcare Conference at 2:45 p.m. ET on Tuesday, Sept. 14, 2021. Robert A. Bradway, chairman and chief executive officer at Amgen will present at the conference. Live audio of the conference call will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.

The webcast, as with other selected presentations regarding developments in Amgen’s business given at certain investor and medical conferences, can be accessed on Amgen’s website, www.amgen.com, under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen’s Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.

About Amgen
 
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.  

Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people’s lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world’s leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.  

For more information, visit www.amgen.com and follow us on www.twitter.com/amgen.  

CONTACT: Amgen, Thousand Oaks 
Megan Fox, 805-447-1423 (media)
Trish Rowland, 805-447-5631 (media)
Arvind Sood, 805-447-1060 (investors) 

 

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SOURCE Amgen